Energizer says sales of razors like Schick’s Hydro and Gillette’s Fusion and their disposable blades fell 6% in the latest quarter, while unit sales volume fell 10%. The declines for the category were “the largest…we have ever seen,” Energizer Chief Executive Ward Klein, a 25-year company veteran, said on Wednesday’s earnings call.

There could be another problem though. U.S. shaving stalwarts are facing pressure from razor subscription sites like the Dollar Shave Club, which send off-brand razor blades to home on a monthly basis, shutting out Schick and Gillette.

American men are also doing less shaving, according to a Euromonitor Inc. analyst, as stubble and facial hair becomes more popular.

Beneath all that, however, may be the reality that the big brands have hit a limit on how much more they can get consumers to pay to shave.

The companies are responding to that pressure. P&G last year brought back advertising for its Mach 3 razor franchise, the three-blade razor that preceded the Fusion line, for the first time since 2006.

In February, Energizer launched a disposable version of its Hydro razor, which the company said has been doing well. Other new disposable razors on the market, like Bic SA’s Hybrid Advance, which has three blades per cartridge, are also picking up market share.

Meanwhile, you can always blame the competition. Mr. Klein has criticized P&G for ramping up promotions to win market share since Schick launched its five-bladed Hydro line in 2010. His new complaint is with “pack downsizing,” where Gillette sells razor systems with just one disposable blade, instead of two like it traditionally had, to hit a lower price.

The criticism is similar to those levied against P&G by Church & Dwight, the maker of Arm & Hammer laundry detergent and other household goods, which has complained that P&G’s actions in the laundry aisle are hurting the overall category.

P&G declined to comment. But in the past, the company has said its promotional levels aren’t far off Energizer’s and has argued the market is growing.